Card Payments Lag Far Behind Mobile Money Boom in Cameroon

  (Business in Cameroon) – Card payments in Cameroon totaled CFA149.8 billion in 2023, just 6.5% of CFA2.28 trillion processed through mobile money. The country recorded 24.86 million mobile money accounts versus only 1.4 million bank cards in circulation. There were 944 ATMs nationwide compared to just 1,739 electronic payment terminals (POS). In 2023, Cameroonian bank cardholders carried out 1.6 million merchant transactions totaling CFA149.8 billion, the Bank of Central African States (BEAC) said in its latest report on payment services across the Central African Economic and Monetary Community (CEMAC), which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the…